Phillips 66 Partners (PSXP) Now Covered by Analysts at Credit Suisse Group

Investment analysts at Credit Suisse Group started coverage on shares of Phillips 66 Partners (NYSE:PSXP) in a report issued on Thursday. The firm set a “neutral” rating on the oil and gas company’s stock.

Other equities research analysts have also recently issued reports about the company. Stifel Nicolaus reduced their target price on Phillips 66 Partners from $60.00 to $59.00 and set a “buy” rating on the stock in a report on Monday, October 30th. Mizuho set a $59.00 target price on Phillips 66 Partners and gave the stock a “buy” rating in a report on Sunday, October 29th. Scotiabank reaffirmed a “buy” rating and issued a $61.00 target price on shares of Phillips 66 Partners in a report on Wednesday, October 25th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $63.00 target price on shares of Phillips 66 Partners in a report on Tuesday, October 3rd. Finally, BidaskClub raised Phillips 66 Partners from a “hold” rating to a “buy” rating in a report on Thursday, September 28th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $59.00.

Shares of Phillips 66 Partners (NYSE PSXP) traded up $0.18 during mid-day trading on Thursday, hitting $53.84. The stock had a trading volume of 477,040 shares, compared to its average volume of 427,433. Phillips 66 Partners has a 1 year low of $44.40 and a 1 year high of $58.00. The company has a quick ratio of 0.56, a current ratio of 0.64 and a debt-to-equity ratio of 1.28. The company has a market capitalization of $6,520.00, a PE ratio of 22.81, a price-to-earnings-growth ratio of 1.37 and a beta of 1.47.

Phillips 66 Partners (NYSE:PSXP) last issued its earnings results on Friday, October 27th. The oil and gas company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.08). Phillips 66 Partners had a return on equity of 23.56% and a net margin of 42.19%. The firm had revenue of $245.00 million during the quarter, compared to the consensus estimate of $236.18 million. During the same period last year, the firm posted $0.57 earnings per share. The company’s revenue for the quarter was up 69.8% compared to the same quarter last year. research analysts forecast that Phillips 66 Partners will post 2.58 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Duff & Phelps Investment Management Co. increased its stake in Phillips 66 Partners by 10.2% during the third quarter. Duff & Phelps Investment Management Co. now owns 317,319 shares of the oil and gas company’s stock worth $16,678,000 after acquiring an additional 29,300 shares during the last quarter. Global X MANAGEMENT CO LLC increased its stake in Phillips 66 Partners by 22.1% during the third quarter. Global X MANAGEMENT CO LLC now owns 506,352 shares of the oil and gas company’s stock worth $26,614,000 after acquiring an additional 91,610 shares during the last quarter. Samson Capital Management LLC increased its stake in Phillips 66 Partners by 5.4% during the second quarter. Samson Capital Management LLC now owns 110,635 shares of the oil and gas company’s stock worth $5,468,000 after acquiring an additional 5,681 shares during the last quarter. Keybank National Association OH increased its stake in Phillips 66 Partners by 71.1% during the third quarter. Keybank National Association OH now owns 8,735 shares of the oil and gas company’s stock worth $459,000 after acquiring an additional 3,630 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Phillips 66 Partners by 33.9% during the third quarter. JPMorgan Chase & Co. now owns 851,747 shares of the oil and gas company’s stock worth $44,955,000 after acquiring an additional 215,461 shares during the last quarter. 37.17% of the stock is currently owned by institutional investors.

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